Anglo American has at least three potential buyers for its Australian steelmaking coal business after a sale to Peabody Energy was derailed last year following a fire at one of the mines.<\/p>\n\n\n\n
Stanmore Resources, Mitsubishi, and PT Buma Internasional are among the bidders for the coal assets, and a suitor and deal could be announced in coming months, according to people familiar with the matter.<\/p>\n\n\n\n
The sale process is being run by Goldman Sachs Group Inc. and Morgan Stanley, they added, asking not to be named discussing private information.<\/p>\n\n\n\n
Anglo, Stanmore, and Mitsubishi declined to comment, while Buma Internasional didn\u2019t respond to messages seeking comment.<\/p>\n\n\n\n
Peabody walked away from a $3.8 billion pact to buy Anglo\u2019s steelmaking coal business last year after a fire at the Moranbah North mine, an asset that the US producer said made up about half of the deal\u2019s value.<\/p>\n\n\n\n
The collapse of the sale dealt a blow to Anglo, which was seeking to simplify and shrink its business as it fended off a takeover approach from BHP Group.<\/p>\n\n\n\n
That blaze followed a\u00a0separate fire\u00a0in 2024 at Anglo\u2019s Grosvenor mine, its second-largest metallurgical project in Australia and part of the Peabody deal.<\/p>\n\n\n\n
Moranbah North has restarted production, but Grosvenor remains offline. All the assets are in Queensland state on the country\u2019s east coast.<\/p>\n\n\n\n
For the new suitors, a successful deal will either cement or elevate the winning bidder into one of the world\u2019s biggest suppliers of coal used to fuel steel mills across Asia. The market is currently dominated by the BHP Mitsubishi Alliance joint venture, known as BMA, and London-listed Glencore Plc.<\/p>\n\n\n\n
One of the bidders, Buma Internasional, has some familiarity with the assets. The Indonesian company had agreed to buy a 51% stake in the Dawson project from Peabody after the conclusion of the deal with Anglo.<\/p>\n\n\n\n
Sydney-listed Stanmore Resources is backed by its biggest shareholder, Golden Energy and Resources \u2014 owned by Indonesia\u2019s billionaire Widjaja family \u2014 which is directly involved in the bidding process through the Australian firm, said the people.<\/p>\n\n\n\n
Stanmore\u2019s market capitalisation is less than A$2 billion ($1.43 billion), so the deal value could be bigger than its current valuation.<\/p>\n\n\n\n
Golden Energy and Resources didn\u2019t respond to messages seeking comment.<\/p>\n\n\n\n
Anglo has already spun off its platinum business and is looking for a buyer for its struggling De Deers diamond division.<\/p>\n\n\n\n
A sale of its coal assets would help as the London-listed miner works through its takeover of Canada\u2019s Teck.<\/p>\n\n\n\n
Reported by Pul-Alain Hunt, Eddie Spence, Dinesh Nair and Thomas Biesheuvel for Bloomberg<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" South African mining giant has at least three potential buyers for its Australian steelmaking coal business.<\/p>\n","protected":false},"author":59,"featured_media":858512,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[2318,1850,853],"class_list":["post-858511","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-anglo-american","tag-bloomberg","tag-south-africa"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/858511","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=858511"}],"version-history":[{"count":3,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/858511\/revisions"}],"predecessor-version":[{"id":858515,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/858511\/revisions\/858515"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/858512"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=858511"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=858511"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=858511"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}